Watters International Realty Franchise Cost, Revenue & Review 2026
- Investment
- $49K – $201K
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Watters International Realty is a residential real estate brokerage franchise offering agents lead generation, systems, and coaching. Franchisees run local brokerages, recruiting agents and managing listings and sales.
FranchiseVerdict summary · 2026
A Watters International Realty franchise requires a total initial investment of $49K – $201K, including a $15K – $35K franchise fee and an ongoing 10.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: D (Below average), an editorial assessment, not investment advice. Run a live ROI scan →
Limited operating history: franchising since 2025. A system this young has fewer than three years of Item 20 outlet history and rarely enough SBA loans for a charge-off rate, so its grade rests on less evidence than an established system's. Read its Item 20 tables and talk to its first franchisees before relying on the grade. Other new franchisors
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: medium - issued 12 to 24 months ago; a newer filing is likely on file
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored3 of 5 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $49K – $201K
- 31st pct Real Estate
- Avg gross sales
- N/A
- Royalty
- 10.0%
- 63rd pct Real Estate
- Units
- 9
- 13th pct Real Estate
- SBA charge-off
- N/A
Quick verdict · Real Estate · color = vs category peers
Green = favorable by >10% vs Real Estate median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $49K – $201K including a $15K franchise fee, 10.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict D (Below average), verdict score 31/100 (higher is better).
- GROWTHFlat: no net change in franchised outlets in the latest year (1 opened, 2 closed) (Item 20).
- DATAThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- WIR Systems Inc.
- Predecessor
- Watters International Realty, LLC (now ATXWIR, LLC d/b/a Watters International Realty)
- Prior franchisor entity
- CEO title
- Chief Executive Officer
- Chris Watters
- CEO experience
- 18 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- Delaware
- HQ
- 3307 Northland Drive, Suite 100, Austin, Texas 78731
Overview
About
- CEO
- Chris Watters
- Headquarters
- TX
- Founded
- 2017
- FDD year
- 2025
- States available
- 7
Can you afford it, and what does the money buy?
Entry cost is about typical for a real estate franchise (near the category median).
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $15K | $15K |
| Working capital (3–6 mo) | $10K | $20K |
| Equipment, build-out, other | $24K | $166K |
| Total initial investment | $49K | $201K |
Source: Watters International Realty 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $49K – $201K
- Top 40% of category vs category
- Liquid capital req'd
- $10K – $20K
- Middle of category vs category
- Franchise fee
- $15K – $35K
- Top 40% of category vs category
- Royalty
- 10.0%
- typical 6–8%
- Ad fund
- 0.0%
- typical 3–5%
- Total fee load
- 11.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 10.0% of gross sales |
| Marketing / ad fund | 0.0% |
| Technology fee | $1K |
| Transfer fee | $8K |
| Renewal fee | $5K |
| Inventory (initial) | $1K – $2K |
| Total fee load | 11.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Watters International Realty makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Watters International Realty unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 11.0% — above the Real Estate median of 7.5%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System shrank 18.2% over 3 years — 2 closures. Ask existing franchisees about local market conditions.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Real Estate medians
How Watters International Realty Compares
Category median of published Real Estate brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 9
- Opened
- 1
- Last reporting year
- Closed
- 2
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 22.2%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- -18.2%
- Net unit change over 3 years
- 3-yr CAGR
- -18.2%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 0
- Reacquired
- 1
- Franchisor bought back
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 0
- Franchisor's next-year forecast
- Termination rate
- 10.0%
- Franchisor-initiated terminations
- Ceased ops
- 30.0%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 10 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Where the owners are · Item 20 owner list
12 current owners across 10 states.
- CA 2
- FL 2
- AR 1
- CO 1
- GA 1
- IN 1
- MD 1
- MN 1
- NJ 1
- TX 1
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Watters International Realty (began franchising 2025) has six litigation matters on a very small 9-unit system, with -18.2% net unit decline and 22% turnover. No bankruptcy or going-concern and no financials disclosed here, but 6 suits relative to only 9 units is elevated. No Item 19 disclosure adds a concern.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Four cases total: (1) PENDING - WIR Systems, Inc. v. Neumann Realty Corp. and Chad Neumann (Cause No. 1:25-CV-00009-RP, U.S. District Court Western District of Texas) - Breach of Contract, Breach of Non-Compete Agreement, seeking damages for unpaid royalties and unreported financials; (2) PENDING/RESOLVED - Highland Homes-Austin, LLC v. Luis Demetrio Urista and ATX WIR, LLC (Cause No. D-1-GN-23-008524, Travis County) - Commission dispute and Tortious Interference, dismissed with prejudice on July 17, 2024; (3) SETTLED - Marcianne Glennon v. Shirley Shaw, Chris Watters, WIR LLC, Kirk Edward Lewis (Cause No. D-1-GN-15-003842, Travis County) - Fraud and DTPA claims, settled August 30, 2016 for $75,000, no admission of liability; (4) SETTLED - Amanda Mayorga-Monsisvais and Michael Benavidez v. multiple parties including Chris Watters d/b/a WIR (Cause No. D-1-GN-21006159, Travis County) - Property subdivision compliance and fraud claims, settled May 8, 2023 for $35,000 to plaintiffs and $5,000 to sellers, no admission of liability.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Item 21 states audited financial statements for FY ended Dec 31 2022, 2023, and 2024 are in Attachment A, but Attachment A is image-based/not present in the extracted text, so no balance-sheet or income figures or auditor name could be obtained.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 31 / 100 verdict
- 01HIGH6 litigation matters against a small 9-unit system (high count relative to size)
- 02MINORNew franchisor (began 2025)
- 03MINORNo Item 19 disclosure, no bankruptcy, no going-concern
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 11.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Territory type | No territory protection |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Territory radius | 0.5 mi |
| Territory population | 50,000 |
| Online sales rightsℹ | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 13 |
| Curable defaultsℹ | 13 |
| Mandatory arbitration | Yes |
| Arbitration location | Austin, Texas |
| Jury trial waiver | Yes |
| Governing law | Texas |
| Litigation count | 5 |
View Item 3 litigation summary
Four cases total: (1) PENDING - WIR Systems, Inc. v. Neumann Realty Corp. and Chad Neumann (Cause No. 1:25-CV-00009-RP, U.S. District Court Western District of Texas) - Breach of Contract, Breach of Non-Compete Agreement, seeking damages for unpaid royalties and unreported financials; (2) PENDING/RESOLVED - Highland Homes-Austin, LLC v. Luis Demetrio Urista and ATX WIR, LLC (Cause No. D-1-GN-23-008524, Travis County) - Commission dispute and Tortious Interference, dismissed with prejudice on July 17, 2024; (3) SETTLED - Marcianne Glennon v. Shirley Shaw, Chris Watters, WIR LLC, Kirk Edward Lewis (Cause No. D-1-GN-15-003842, Travis County) - Fraud and DTPA claims, settled August 30, 2016 for $75,000, no admission of liability; (4) SETTLED - Amanda Mayorga-Monsisvais and Michael Benavidez v. multiple parties including Chris Watters d/b/a WIR (Cause No. D-1-GN-21006159, Travis County) - Property subdivision compliance and fraud claims, settled May 8, 2023 for $35,000 to plaintiffs and $5,000 to sellers, no admission of liability.
Items 10, 11
Training & Operations
- Classroom training
- 78 hrs
- On-the-job training
- 0 hrs
- Training location
- On-site and off-site
- Ongoing training
- Required
- Site selection
- franchisee (subject to franchisor approval of awarded area/site)
- Franchisor financing
- Not offered
- Item 10
- POS system
- Salesforce
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Salesforce
Item 20 · call current owners
Franchisee Contacts
12 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Watters International Realty franchise?
The total investment to open a Watters International Realty franchise ranges from $49K – $201K, with an initial franchise fee of $15K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Watters International Realty franchise owners earn?
Watters International Realty makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Watters International Realty?
Watters International Realty is franchised by WIR Systems Inc.. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Watters International Realty FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Watters International Realty FDD and qualifies whose outlets they describe.
What is Watters International Realty's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Watters International Realty (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Watters International Realty franchise locations are there?
As of their most recent FDD filing, Watters International Realty has 9 total units in the United States, including 9 franchised units and 0 company-owned units. 1 new units were opened in the latest reporting year.
Is Watters International Realty a good franchise to buy?
FranchiseVerdict rates Watters International Realty as a D-grade franchise with a verdict score of 31 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.